Stanbic Bank backs Export Proceeds Tracking Framework
STANBIC Bank has committed to support its customers navigate through the newly-introduced Export Proceeds Tracking Framework which requires that all exporters route export earnings through a bank account domiciled in the country.
The Bank of Zambia is implementing this framework which came into effect on January 1, 2024.
Stanbic believes that it has the mandate of assisting its clients to navigate the new directive and explain how the account and process worked.
This is according to the Stanbic Bank Head Corporate and Investment Banking (CIB), Helen Lubamba, at a Tax & Regulation Client Town Hall session held in Lusaka.
She noted the bank’s commitment in sensitising and helping its customers to understand how the framework account operated to ensure seamless transactions.
“As a bank, we are key stakeholders in the successful implementation of the Export Proceeds Tracking Framework and our role is to provide accurate details of exports to the Bank of Zambia.
“As a critical stakeholder in this policy direction, we have the mandate of assisting our clients to navigate the new directive and explain how the account and process works. We believe hosting town halls, such as this one, will help to unpack and share more details on the operations of the Export Account,” Ms Lubamba said.
She also pointed out that the bank had been and continued to play a significant part of the country’s economic growth.
At the same event, Deloitte Zambia Associate Director, Tax & Legal, Liywalii Kanyimba, noted some of Government’s initiatives meant to expand the tax base and increase technology use to support revenue mobilisation efforts through increased compliance.
Key examples noted by Mr Kanyimba included the implementation of the electronic invoicing system to cut across all tax types, effecting strategies and a legal framework to implement Cross-Border Electronic Services taxation.
Others were exploring the global development in digital services taxation for income tax; and introduction of a unified Tax Administration Act that would assist in harmonising of tax treatments across different tax types.